It depends on when you were born. For example, if you were born between 1943 and 1954, your payouts will be reduced 25% if you start receiving benefits at age 62. That reduction is permanent - that is, the 25% reduction applies not only to the money you collect between age 62 and 67, but all the money you'll collect for the rest of your life.

To figure out the reductions based on your age, check out the online table published by the Social Security Administration.